The Importance of Vendor Risk Management
Vendor risk management has become an increasingly important aspect of IT management, especially for MSPs who are trusted by their clients to ensure the safety and security of their systems. This task includes carefully scrutinizing and managing the vendors who provide the software, hardware, and services that support these systems.
The Role of a Managed Service Provider
As an MSP, your role is to act as a trusted advisor to your clients. Part of this responsibility involves providing them with a clear and comprehensive overview of the third-party vendors you use, the services they provide, and the potential risks associated with each. Our Contracts-as-Service solution takes this task off your hands by providing a comprehensive Schedule of Third-Party Services that does exactly that.
Our Schedule of Third-Party Services includes a clear and unequivocal waiver that absolves you of any liability arising from the actions or omissions of these third-party vendors. This waiver is presented in bold and plain language at the very beginning of the document, ensuring that your clients are fully aware of its contents and implications.
The schedule is pre-populated with over 170 vendors commonly used in the managed services community, providing a broad overview of the various services available. This schedule is customized to fit the specific needs of each client and updated four times per year to account for any changes in your vendor stack.
This approach not only provides your clients with a transparent view of their IT infrastructure, but it also shields you from potential legal repercussions should one of these vendors experience a security breach or other incident. In the event of such an incident, you can rest assured knowing that your liability is limited, allowing you to focus on resolving the issue and maintaining the quality of service your clients expect.
Our Contracts-as-Service solution has proven its worth time and again by providing MSPs with the legal protections they need to conduct their business with confidence. It’s based on industry-leading templates that are customized for each client and regularly updated to ensure compliance with the latest legal requirements.
We’ve had the privilege of representing over 120 MSPs, who have all benefited from the peace of mind our Contracts-as-Service solution provides. If you’re an MSP interested in improving your vendor risk management and safeguarding your business against potential legal risks, we invite you to schedule a demo with us today. We’ll provide you with a comprehensive overview of our Schedule of Third-Party Services and show you exactly how our solution can benefit your business.